Business

Lagos State has emerged as the most indebted state in Nigeria. According to the National Bureau of Statistics (NBS), as at the fourth quarter (Q4) 2025, Lagos state is owing a total of N1.22 trillion and $1.17 billion as domestic and external debts respectively. Making the announcement on Monday, April 27, in its Q4 2025 domestic and external debt report, NBS said the country’s total debt stock, comprising domestic and external debt, during the quarter rose from N153.29 trillion or $103.94 billion in Q3 2025 to N159.28 trillion ($110.97 billion) in Q4 2025. The report said this is an increase of 3.90 per cent on a quarter-on-quarter basis. According to the report, total external debt stood at N74.43 trillion, while total domestic debt was N84.85 trillion in Q4 2025.&nbs...

The Nigerian Naira opened the final trading week of April 2026 with relative stability as the foreign exchange market continues to adjust to shifting liquidity levels. Market participants are closely watching the performance of the local currency across both the official Nigerian Foreign Exchange Market (NFEM) and the informal parallel market. Official Market (NFEM) Trends In the official window, the Naira showed a marginal improvement during early morning trades on Monday, April 27, 2026. Real-time data indicates the exchange rate is currently positioned at 1,352.25 NGN per 1 USD. This follows a volatile closing period last week where the rate fluctuated between a high of 1,355.80 NGN and a low of 1,350.00 NGN. The Central Bank of Nigeria remains active in its oversight of th...

The British Pound has opened the week with notable activity against the Nigerian Naira, reflecting ongoing adjustments in the global currency markets. As of Monday, April 27, 2026, the Pound Sterling is experiencing a period of price discovery across both the official Nigerian Foreign Exchange Market (NFEM) and the parallel market. Official Market (NFEM) Performance In the official trading window, the British Pound began the session with a steady trajectory. Real-time data from the early hours of trading indicates that the Pound is currently being exchanged at an average rate of 1,830.44 NGN per 1 GBP. This follows a weekend of relative calm where the currency saw minor fluctuations before settling near its current level at the start of the Monday session. The official rate re...

Here’s a refreshed overview of the Dollar to Naira exchange rate as of today, including both the parallel market and official figures. Black Market (Parallel Market) Rate In Lagos’ parallel market—commonly referred to as “Aboki FX”—the U.S. dollar is being traded at around ₦1,400 for selling and ₦1,390 for buying, based on information from Bureau De Change (BDC) operators on April 25, 2026. Official CBN Rate According to the Central Bank of Nigeria, the official exchange rate for the dollar falls within the range of: Highest rate: ₦1,361 Lowest rate: ₦1,354 It’s important to note that the Central Bank of Nigeria does not recognize the black market. Individuals seeking foreign exchange are advised to go through authorized financial institutions. Key Note Exchang...

The world’s largest condom manufacturer, Karex Bhd, has announced plans to increase prices by between 20 and 30 per cent, citing ongoing supply chain disruptions linked to the Iran conflict. Chief executive Goh Miah Kiat said the company may raise prices further if disruptions persist, as rising costs for raw materials and logistics continue to strain operations. “The situation is definitely very fragile, prices are expensive … We have no choice but to transfer the costs right now to the customers,” he said. Karex produces more than five billion condoms annually and supplies major brands such as Durex and Trojan, as well as public health systems including the National Health Service in UK and global programmes run by the United Nations. The company is also experiencing a surge in ...

The Nigerian stock market ended trading on Friday with a massive N1.857 trillion increase in investors’ wealth, marking its 14th consecutive session of gains. Market capitalization rose by 1.29 percent to close at N145.334 trillion, up from N143.477 trillion recorded in the previous session. In the same vein, the All-Share Index advanced by 2,884.81 points, also representing a 1.29 percent increase, to settle at 225,722.49 compared to Thursday’s 222,837.68. The sustained upward trend further boosted the market’s year-to-date performance, while market breadth remained positive with 43 gainers outpacing 26 losers. On the gainers’ chart, Academy Press and UPDC topped the list with a 10 percent increase each, closing at N7.70 and N4.40 per share, respectively. Other notable advance...

The exchange rate between the US dollar and the Nigerian naira at the parallel market, commonly known as the black market (Aboki FX), remains a key concern for many Nigerians. As of April 24, 2026, traders at the Lagos parallel market sell one dollar for ₦1,400 and buy at ₦1,392, based on information from Bureau De Change (BDC) operators. It is important to note that the Central Bank of Nigeria (CBN) does not recognise the black market and advises individuals seeking foreign exchange to transact through official banking channels. At the official window, the CBN exchange rate for the dollar ranges between ₦1,354 and ₦1,361. However, actual buying and selling rates may vary depending on location and market conditions.

The Central Bank of Nigeria (CBN) has raised the cost of issuing and replacing ATM, debit, and credit cards by 50 percent, moving the fee from ₦1,000 to ₦1,500. At the same time, the apex bank has scrapped the monthly maintenance charge of ₦50 previously applied to naira-denominated debit and credit cards, which also included a 7.5 percent Value Added Tax. However, holders of foreign currency cards will still pay an annual maintenance fee of $10. These changes were outlined in the CBN’s exposure draft of the Guide to Charges by Banks and Other Financial Institutions in Nigeria 2026. The regulator also reaffirmed that charges related to Point of Sale (PoS) transactions will be borne by merchants rather than customers. According to the draft, standard ATM card issuance or replacemen...

Microsoft is facing a £1.7 billion class action lawsuit in the United Kingdom over allegations that it abused its dominant market position to overcharge businesses. The case has been brought by Maria Luisa Stasi on behalf of around 59,000 British businesses and organisations. It centres on claims that Microsoft imposed higher costs on customers using its Windows Server software when operating on rival cloud computing platforms. “For years, Microsoft’s practices have had real financial impact on both public and private organisations,” Stasi said. The Competition Appeal Tribunal ruled that the case can proceed to trial, stating it has a “reasonable prospect of success.” In their decision, judges said: “Microsoft is alleged to be abusing its dominance in the paid server OS (operating...

The Nigerian Communications Commission (NCC) has ordered telecom service providers to compensate subscribers affected by poor network quality with airtime credits under a stricter nationwide enforcement framework. The directive is part of renewed efforts to enhance service delivery, safeguard consumers, and hold operators accountable for ongoing network performance issues across the country. The Executive Vice Chairman of the NCC, Aminu Maida, made this known during a media briefing on Thursday, where he outlined the commission’s updated compliance and enforcement strategies. According to him, the compensation policy follows confirmed cases where telecom operators failed to meet the required minimum quality of service standards in several areas. He emphasized that the airtime cred...